Bitcoin recently hit a new high of $122,500 on Monday morning, after rising past $119,000 and $120,000 on Sunday night. Currently, Bitcoin is priced at about $122,235. This shows a 30% rise since the start of the year and is more than twice its value from last year.
Bitcoin’s price has risen sharply this week, thanks to several factors, including positive trends on the blockchain, increased interest from major investors, and a hopeful outlook on new regulations.
According to Glassnode, long-term holders are currently buying more Bitcoin than miners are creating. Wallets with less than 100 BTC are gathering around 19,300 BTC every month, while miners are producing only about 13,400 BTC each month. A variety of holders are continuing to absorb Bitcoin, leading to a supply shortage that could increase its price momentum.
Recent data from Farside Investors shows that US spot Bitcoin exchange-traded funds (ETFs) have gained more than $2.7 billion in net inflows this week, with daily inflows exceeding $1 billion on both Thursday and Friday. BlackRock’s iShares Bitcoin Trust (IBIT) has played a big role in this trend, bringing in more than $1.7 billion in inflows in the last week.
